Canada’s population is aging, with significant growth in the over-65 population expected in the coming years. As a result, demand for retirement planning advice and insurance solutions will continue to increase. Although the life expectancy of Canadians continues to rise, the population is not necessarily getting healthier and this increased life expectancy is predicted to be accompanied by many older consumers dealing with serious illnesses such as hypertension and diabetes.

Two market values that can be used to estimate the size of the retirement planning market include a value of $1.3 trillion for Canadian employer-sponsored pension funds, and assets in TFSAs of $62 billion at the end of 2013.

This report covers the drivers of the retirement planning industry in Canada, exploring trends related to ownership, amount of savings, types of retirement planning activities, most trusted sources of advice and attitudes towards personal financial management.

The majority of this report covers the subject of private pension plans such as RRSPs and TFSAs (except for a short section on government retirement programs in Market Drivers).

Canada’s retirement system is funded by three pillars: Old Age Security/Guaranteed Income Supplement; Canada/Quebec Pension Plan and tax-advantaged non-government plans such as employer pension plans, RRSPs and TFSAs. Additionally, many Canadians have private non-registered savings, investments and insurance products.

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Appendix – The Consumer – Attitudes towards Retirement Planning

Figure 59: Attitudes towards retirement, June 2014

Figure 60: Agreement with the statements ‘I worry that government old age security will not be available when I retire’ and ‘It is important to know at what age you plan to retire’, by demographics, June 2014

Figure 61: Agreement with the statements ‘I am worried about how I will live when I get older’ and ‘I am worried about paying for healthcare costs as I get older’ and, by demographics, June 2014

Figure 62: Agreement with the statements ‘I find it hard to save for retirement’ and ‘Thinking about saving for retirement is overwhelming’, by demographics, June 2014

Figure 63: Agreement with the statements ‘I feel that I am on track to retire at age 65 or before’ and ‘I feel that I will be financially secure when I retire’, by demographics, June 2014

Figure 64: Agreement with the statements ‘I think information about retirement investing is interesting’ and ‘I worry that I have to rely on my family to take care of me when I retire’. by demographics, June 2014

Figure 65: Agreement with the statements ‘I would rather use my money for other things than saving for retirement’ and ‘Retirement is so far off, I don't need to think about it’, by demographics, June 2014

Appendix – The Consumer – Retirement Planning and Chinese Canadians

Figure 66: Selected demographics, by total population against Chinese Canadians, June 2014